MTN (Buy, TP: ZAR130, +47%) Q2 24: Better topline trends including improvements in South Africa; EBITDA impacted by Nigeria
Service revenue trends were faster off better Uganda, Nigeria and South Africa as network availability improved. While underlying service revenue improved from Q1, it was still below the mid-teen medium term guidance. However, the Group maintained its guidance, with full year’s capex (Rs28-33bn) expected to be down around 30% from last year off lower spend in Nigeria. HoldCo leverage had also improved to 1.6x this quarter with better upstreaming.
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